Understanding Credit Cards and Notes Receivable in Accounting

Credit Cards and Notes Receivable S 9-12 Northern Consultants accepts American Express credit cards from its customers. Assume Northern makes a sale of $2,000 and the credit card company charges a 3% percent fee. Provide the journal entry on June 22 to record the sales revenue. Journal Date 2021Account Titles and ExplanationsDebitCredit June 22Accounts Receivable1940 Card Discount Expense (2,000 x 3%)60 Sales2000 American express is a non bank so set up a accounts receivable S 9-13 An Esso station had the following transactions on July 17: MasterCard credit sales $20,000 Non-Bank credit card sales 5,000 Debit card sales 16,000 MasterCard charges 3%, non-Bank credit cards 4%, Debit cards 2% Record the sales transactions Journal Date 2021Account Titles and ExplanationsDebitCredit July 17Cash19400 Credit card discount fee expense (2000 x 3%)600 Sales20000 July 17Accounts Receivable4800 Card discount200 Sales5000 July 17Cash15680 Debit card service fees expense 320 Sales16,000